Bonus

The big news for the week: The American International Group (AIG) doled out $165 million dollars in bonuses after receiving $173 billion in U.S. government bailouts. In other words, a whole lot of taxpayers' money went to corporate big wigs at AIG.

President Obama's reaction was appropriate, and I agree with much of what he had to say:

"Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?"

My biggest complaint is about how these actions were surprising to the administration and Congress. Haven't we all heard the old saying, "Fool me once; shame on you. Fool me twice; shame on me." Perhaps more time should have been spent on the rules and stipulations of the bailout rather than depending on the, as Obama put it, "reckless and greedy" corporate heads to do the right thing.

Now the administration is out for blood, but I ask this: Why weren't they out for blood to begin with? Now Congress is looking to pass a special tax within the next 24 hours that could potentially be as high as 90 percent of the bonuses. So hoorah! We'll get 90 percent back, but after it's processed, it will amount to about 50 percent of that 90 or $74.25 million. Hm. That's not even half. I'm also concerned as to whether or not this "special tax" is temporary or permanent?

It's not that I think these people deserve the money at this point in time, but should the people who worked hard to get where they are have their bonuses taxed because of a few bad eggs? I don't think it's fair to punish people for being successful. I also don't think it's fair to bailout all of these corporations and banks and financiers for failing. Failing is part of the game. Deal with it.